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| Here are our top stories today: - The U.S. added 336,000 jobs in September
- Jailed Iranian activist Narges Mohammadi won the Nobel Peace Prize
- A UNICEF report estimated that extreme weather events displaced 43 million children between 2016 and 2021
If you find this newsletter useful, please share it with your friends and colleagues. Thank you, and have a great weekend! Your faithful IDB writer, Daniel
p/Dan-Smith | |
| 1 | | The Labor Department reported that the U.S. added 336,000 jobs in September, the most in any month since January. The 336,000 number is nearly double the number expected by economists polled by Reuters, signaling that the U.S. labor market is still running hot despite the Federal Reserve's best efforts. More: - Job gains for July and August were also revised upward.
- The unemployment rate stayed flat at 3.8%. Average hourly wages grew 4.2% annually in September, down from 4.3% in August.
- Employment at U.S. bars and restaurants returned to pre-pandemic levels in September.
- Some of September's gains came from hiring related to the start of the school year, but economist Robert Frick of Navy Credit Union noted that the hiring was well-rounded across industries last month.
Zoom Out: Q: Do you think the jobs data will prompt the Federal Reserve to hike interest rates again this year? Join the conversation here. |     | |
| 2 | | The S&P 500 gained 1% following the publication of the jobs report on Friday morning. 
What the numbers say: The S&P fell around 3.5% over the past month but the positive jobs report helped the index to rebound from those losses. Overall, the S&P is up over 12% since the start of the year. S&P technology stocks like Palo Alto Networks, Monolithic Power Systems, Advanced Micro Devices, and Arista Networks were all up over 3% on Friday. If the S&P maintains its 0.3% gain for the week, it will break its four-week negative streak. Other indices: The NASDAQ rose over 1.4% and the Dow Jones Industrial Average gained nearly 1% during midday trading. | | | |
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| 3 | | Jailed Iranian activist Narges Mohammadi won the 2023 Nobel Peace Prize on Friday. The Nobel Committee said Mohammadi won the award because of her "fight against the oppression of women in Iran and her fight to promote human rights and freedom for all." More: - Mohammadi has spent much of her adult life advocating for women's equality in Iran.
- Iranian authorities have arrested her 13 times, convicted her five times, and sentenced her to 31 years in prison and 154 lashes.
- The 51-year-old is currently serving a 10-year sentence in a notorious Tehran jail for the crime of "spreading anti-state propaganda."
- Her husband and twin children live in exile in France.
- After winning the Nobel Prize, she said she would stay in Iran and continue to work as an activist - even if it meant that she would remain in prison.
- "I will never stop striving for the realization of democracy, freedom, and equality," she said.
Zoom Out: - Mohammadi is at least the fourth person to win the Nobel Peace Prize while incarcerated or under house arrest.
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| 4 | | GOOD NEWS: Kentucky's policy of providing free childcare to childcare workers helped to address a worker shortage at daycares and educational facilities throughout the state. As a result, the number of Kentucky children receiving state subsidies for child care more than doubled from 17,000 to 40,000. More: - The number of Kentucky parents receiving childcare subsidies fell during the COVID-19 pandemic due to a shortage of spots at childcare facilities.
- To address this problem, Kentucky started offering free childcare to childcare workers, some of whom were moving to other industries that paid higher wages.
- More than a year later, childcare centers have been able to hire more staff and open up more spots for children, allowing families to access valuable childcare subsidies.
- Sarah Vanover, who led Kentucky's Division of Child Care when the change was implemented, said 30 other states reached out to learn more about the program.
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| 5 | | In a new report, UNICEF said that extreme weather events displaced 43 million children between 2016 and 2021. The report highlights that extreme weather events, which are made more frequent and more intense by climate change, could lead to over 100 million children and young people being displaced over the next 30 years. More: - The report said that floods, storms, droughts, and wildfires led to the displacement of 43.1 million children across 44 countries over the five-year period.
- 95% of those displacements were caused by floods and storms.
- According to the study, displacement numbers for slow-onset disasters like droughts are likely underreported.
- UNICEF Executive Director Catherine Russell said the initial trauma experienced by children during a natural disaster is worsened by the subsequent disruption of their education and family life.
- Russell said that non-governmental organizations like UNICEF are "acting far too slowly" to deal with the worsening problem of child displacement.
Zoom Out: - Research shows that rising global temperatures have already increased the frequency and severity of extreme weather events.
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| 6 | | A Reuters poll of Argentine corporate leaders found that just 2 of 125 support a proposal to dollarize the country's economy. Dollarization is one of the key policy proposals of right-wing presidential election frontrunner Javier Milei. More: - The Argentine peso has seen its value relative to the U.S. dollar plummet in recent years.
- Milei has revived older proposals for Argentina to abandon the peso for the dollar as part of his upstart presidential campaign.
- The Argentine peso was pegged to the U.S. dollar between 1991 and 2001.
- Triple-digit inflation has also bitten into the purchasing power of the peso, contributing to rising poverty.
- Conservative candidate Patricia Bullrich supports the idea of a bi-monetary system that would retain the peso.
- Roughly two-thirds of the business leaders Reuters spoke to supported the idea of a bi-monetary system.
- Nearly a third of those interviewed wanted to stick with the peso.
- Argentina is set to hold its presidential election on October 22.
Zoom Out: - Ecuador, El Salvador, and Panama all have dollar-based economies.
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- Mexican President Andres Manuel Lopez Obrador said on Friday that the U.S. does not want to build new sections of wall on the U.S.-Mexico border. On Thursday, the Biden administration announced plans to add up to 20 miles to existing border walls in Texas' Rio Grande Valley, but Lopez Obrador described the initiative as "pure publicity."
- Former President Donald Trump endorsed Rep. Jim Jordan (R-OH), one of his closest allies in the House of Representatives, to become the next House speaker.
- The Palestinian Ministry of Health said a 19-year-old Palestinian man was shot to death by an Israeli settler during a settler attack on the town of Huwara on Friday. The Israeli military said the victim threw a brick at a vehicle before the shooting.
- The speaker of the Russian Duma, the lower house of parliament, said that lawmakers will consider revoking the ratification of a global nuclear test ban after President Vladimir Putin floated the possibility.
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 | Writer | | Dr. Daniel Smith is an Inside writer with a Ph.D. in Political Science from the University of Cambridge. Follow him on Twitter @DJS12321 or email him at Daniel@inside.com. | | This newsletter was edited by Eduardo Garcia | |
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